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OIL: Oil End of Day Summary: Crude Loses Ground

OIL
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Crude futures have lost ground today as the market assesses the potential impact of the new US administration, with Trump promising to boost US production further. 

  • WTI FEB 25 down 2.3% at 76.09$/bbl
  • Trump declared a “national energy emergency” to be able to increase domestic oil and gas production and reverse Biden’s climate change policies.
  • U.S. President Donald Trump said on Monday night that he planned to impose previously threatened tariffs of as much as 25% on Mexico and Canada by Feb 1. Platts expects this to have a bullish effect on prices.
  • Aramco CEO Nasser sees oil demand growth of 1.3m b/d in 2025. He added that ‘good’ China demand is still driving growth, while US sanctions on Russia are already tightening the market.
  • “We are expecting about 500k-1mb/d of flows disruption to Asia from Russia,” Energy Aspects.
  • China’s crude oil imports will likely rise only 1% this year, according to CNPC.
  • Tanker owner Torm is considering “when it may be relevant to resume transits through the southern part of the Red Sea,” in a statement with Bloomberg.
  • Container line MSC said it will continue sending its vessels around Africa until further notice.
  • Russia may be forced to abide by the G7 oil price cap to keep flows steady: Vortexa.
  • Russia swapped oil tankers between its export terminals in the Baltic and Arctic Sea.
  • Russian oil exports from Ust-Luga have plunged unexpectedly in the past several weeks.
  • The Aframax freight rate for shipping ESPO from Kozmino–Shandong has surged amid a lack of unsanctioned tankers.
  • Norway’s December oil output was below forecast but gas output was above the official forecast.
  • There are already short-term signs that point to imminent downward pressure on crude oil: Eurasia.
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Crude futures have lost ground today as the market assesses the potential impact of the new US administration, with Trump promising to boost US production further. 

  • WTI FEB 25 down 2.3% at 76.09$/bbl
  • Trump declared a “national energy emergency” to be able to increase domestic oil and gas production and reverse Biden’s climate change policies.
  • U.S. President Donald Trump said on Monday night that he planned to impose previously threatened tariffs of as much as 25% on Mexico and Canada by Feb 1. Platts expects this to have a bullish effect on prices.
  • Aramco CEO Nasser sees oil demand growth of 1.3m b/d in 2025. He added that ‘good’ China demand is still driving growth, while US sanctions on Russia are already tightening the market.
  • “We are expecting about 500k-1mb/d of flows disruption to Asia from Russia,” Energy Aspects.
  • China’s crude oil imports will likely rise only 1% this year, according to CNPC.
  • Tanker owner Torm is considering “when it may be relevant to resume transits through the southern part of the Red Sea,” in a statement with Bloomberg.
  • Container line MSC said it will continue sending its vessels around Africa until further notice.
  • Russia may be forced to abide by the G7 oil price cap to keep flows steady: Vortexa.
  • Russia swapped oil tankers between its export terminals in the Baltic and Arctic Sea.
  • Russian oil exports from Ust-Luga have plunged unexpectedly in the past several weeks.
  • The Aframax freight rate for shipping ESPO from Kozmino–Shandong has surged amid a lack of unsanctioned tankers.
  • Norway’s December oil output was below forecast but gas output was above the official forecast.
  • There are already short-term signs that point to imminent downward pressure on crude oil: Eurasia.